What is the General Business Credit? The General Business Credit is not just one credit. Instead, it is a collection of various business-related tax credits that are available under the U.S. tax code. These credits are designed to support businesses in different areas such as innovation, employment, sustainability, and economic development. Instead of claiming each […]
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How to Build Business Credit Without Using Personal Credit To build business credit without using personal credit, start by forming a legal business like an LLC or corporation. Get an EIN from the IRS and open a business bank account. Use a separate business phone number and address. Then, apply for Net-30 vendor accounts that […]
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Are Credit Card Rewards Taxable for a Business? In most cases, credit card rewards are not taxable—but only if they are earned through spending. That’s because the IRS views these rewards as a discount or rebate rather than income. Example: Let’s say your business earns $100 cashback after spending $5,000. The IRS sees that $100 […]
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Building strong business credit is key to unlocking better loan terms, improving cash flow, and ensuring long-term growth. In this article, we break down expert tips on establishing and maintaining business credit—from registering your company properly to avoiding common pitfalls. Whether you’re just starting out or looking to strengthen your financial foundation, these insights will help you grow with confidence.
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How to Get a Repo Off Your Credit Report? Having a repossession (or “repo”) on your credit report can feel like a dark cloud hanging over your financial life. Whether it was a car, motorcycle, or another financed item, a repo can bring down your credit score and stay on your report for years. But […]
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Does Filing Bankruptcy on Your Business Affect Personal Credit? Running a business can be exciting, but it also comes with financial risks. Sometimes, those risks lead to serious money problems, and business owners may consider filing for bankruptcy. But many people ask, “If I file for bankruptcy for my business, will it affect my personal […]
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How Can Personal Responsibility Affect Your Credit Report? Your credit report is like a report card for your financial behavior. It shows how you manage money, how often you pay bills on time, how much debt you carry, and more. Just like in school, being responsible can help you get a good report, and being […]
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